Crypto News

Bitcoin Cash $BCH Takes The Spotlight While Bitcoin Battles Selling Pressure 

Bitcoin Cash ($BCH) positions itself as a user-friendly solution for daily transactions, boasting minimal fees and swift confirmations, ideal for routine purchases and micro-transactions.

Despite its designed convenience, concerns are surfacing as traders exhibit Fear, Uncertainty, and Doubt (FUD) towards assets like Bitcoin Cash and Loopring, reflected in a surge of short positions on Binance after this week’s significant crypto market downturn. 

Both Bitcoin Cash and Loopring are already displaying signs of potential rebounds, and any short liquidations could serve as a catalyst if market conditions improve.

$BCH And $LRC Price Action To Watch

Over the past 7 days, Bitcoin Cash ($BCH) and Loopring ($LRC) have experienced losses of 7% and 10%, respectively. As Loopring currently hovers at $0.23, analysts point out the emergence of lower highs in Loopring’s Daily Supertrend signal. 

The token has breached the 50-day and 20-day Moving Averages (MA), with the 200-day MA support now under threat. A decisive drop below the 200-day MA could propel Loopring below the 20-cent mark, prompting traders to consider buying at this price level.

In this landscape of market uncertainties and shifting sentiments, the fate of Bitcoin Cash and Loopring remains closely tied to the broader crypto market trends, where rebounds and liquidations contribute to the ongoing narrative of price movements.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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